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Horizon is a community bank serving northern and central Indiana, and southern, central and the Great Lakes Bay regions of Michigan. Our focus is to anticipate and fulfill customer needs with exceptional service and sensible advice. This philosophy is what has kept us growing stronger than ever since 1873.

Horizon is a community bank serving northern and central Indiana, and southern, central and the Great Lakes Bay regions of Michigan. Our focus is to anticipate and fulfill customer needs with exceptional service and sensible advice. This philosophy is what has kept us growing stronger than ever since 1873.

Horizon Bancorp Announces Record Quarterly Earnings

Net income for the quarter ended March 31, 2018 was $12.8 million, or $0.50 diluted earnings per share, compared to $8.2 million, or $0.37 diluted earnings per share, for the quarter ended March 31, 2017. This represents the highest quarterly net income and diluted earnings per share in the Company’s 145-year history.

Return on average assets was 1.32% for the first quarter of 2018 compared to 1.07% for the first quarter of 2017.

Return on average equity was 11.29% for the first quarter of 2018 compared to 9.66% for the first quarter of 2017.

Total loans increased by an annualized rate of 3.4%, or $23.7 million, during the first quarter of 2018.

Consumer loans increased by an annualized rate of 17.6%, or $20.0 million, during the first quarter of 2018.

Residential mortgage loans increased by an annualized rate of 7.6%, or $11.4 million, during the first quarter of 2018.

Net interest income increased $7.8 million, or 30.7%, to $33.4 million for the three months ended March 31, 2018 compared to $25.6 million for the three months ended March 31, 2017.

Net interest margin was 3.81% for the three months ended March 31, 2018 compared to 3.80% for the three months ended March 31, 2017.

Horizon’s tangible book value per share increased to $12.86 compared to $12.72 and $11.79 at December 31, 2017 and March 31, 2017, respectively. This represents the highest tangible book value per share in the Company’s 145-year history.